Young consumers' m-banking choice in urban Bangladesh: Preliminary indication

Abstract

With banking channels changing rapidly and multi-channeling becoming increasingly widespread, there is a need to understand consumers' choice of channel and the banking tasks for the channel. Using the example of banking services in urban Bangladesh, where multichanneling is expected to become a norm, this research reports on an initial study comparing young consumers' choice of banking channels. Based on the results of a survey among 500 young adults between 18 and 30 years of age in Dhaka city, this study finds that although majority of the respondents did not use mobile banking (m-banking), most of them are interested to do banking on mobile phones. They are interested to do a range of banking related tasks on mobile phones if services are made available. Clearly young consumers in urban Bangladesh are in favour of m-banking and thus, m-banking has a chance to be a success story in Bangladesh.